Berkshire Hathaway adjusts price for Westco buy

AP News
Posted: Jun 23, 2011 9:44 AM
Berkshire Hathaway adjusts price for Westco buy

Warren Buffett's Berkshire Hathaway is again adjusting the price it is paying for the remaining stake in Westco Financial.

The company now says it will pay $385 per share in cash and stock, or about $539 million, for the 1.4 million shares.

Wesco has been an indirect subsidiary of Berkshire since 1983.

In February, Berkshire Hathaway Inc. said it would buy the remaining 19.9 percent for $386.55 per share. In March, Berkshire Hathaway boosted the price to $392.91. It was adjusted again in April to $389.01.

Wesco shareholders will vote on the deal on Friday. Wesco's board recommended the deal in February.

Omaha, Neb.-based Berkshire Hathaway owns a broad range of 80 subsidiaries. Pasadena, Calif.-based Wesco is a similar conglomerate but smaller and less diverse.